MASTER LISTING AGREEMENT
This Master Listing Agreement is made on the day of , 20 by and between Corporate Asset Management, L.L.C. (hereinafter referred to as “CAM”), having offices at 2606 Woodson Rd., Overland, Missouri 63114 and , agent of (Real Estate Company), (both hereinafter referred to as “Broker”). Statement of Intentions CAM has entered into various agreements with owners of various properties or the servicing agent of the owner of various properties, (hereinafter referred to as “Owner”), to manage, market, prepare for sale and sell foreclosed properties on behalf of the Owner. CAM is responsible for listing foreclosed properties (and pre-foreclosed properties), with a real estate broker in the area where property is located. The Broker represents to CAM that it has the knowledge and expertise to market and sell real estate in their locale on behalf of the owner. Therefore, CAM and Broker desire to enter into this Mater Listing Agreement to set forth terms and conditions under which CAM shall list certain properties for sale with Broker. CAM and Broker hereby agree as follows: I. Listing Properties for Sale: From time to time CAM shall list with the Broker certain parcels of real estate for sale. To initiate a listing, CAM shall deliver to Broker a “Property Referral Form.” Each property referred to Broker shall be subject to the terms and conditions of this Master Listing Agreement. The parties intend that Broker be the exclusive agent of the Owner. However, A. CAM reserves the right to sell any listed property to purchasers obtained directly by CAM, and thereby not pay a selling commission to the listing agent. CAM reserves the right to sell any listed property, (a) at public auction, or (b) to a private mortgage insurance company, in which event there may not be any commissions paid by CAM to Broker. In such event, and time permitting, written notice will be given to the Broker prior to said event.
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II. Broker Responsibilities: Broker shall use its best efforts to sell the property for maximum recovery in the shortest period of time by using recognized methods including, but not limited to, placing For Sale Sign on the property (where permitted), advertise in local publications, and hold open houses. The property shall be placed in a Multiple Listing Service and, if none is available, through similar services whereby Brokers list properties on a cooperative basis. Any deviations from this must be approved by CAM in writing. Broker also agrees to fully cooperate with any other agents who have potential purchasers. The Seller is to be listed as “Owner of Record” or “Corporate Owned.” Broker further agrees to: A. Inspect the property within 48 hours of receipt of a “Property Referral Form” and each week thereafter, to report as appropriate, any changes in the property’s physical status.
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Initial inspections shall at minimum determine the following: Occupancy (with names and phone numbers of all occupants) Adequate exterior lighting Removal/replacement of broken glass Any trip or fall hazards Presence of smoke detectors in occupied units, unless otherwise dictated by local law Potential health, code and building violations Accessible areas will also be inspected for other problems which could affect safe housing which include, but are not limited to, leaking or unsafe roof, gutters, plumbing, electrical, heating systems, etc. Complete an inspection report (on CAM Form) within 5 days of referral, if required by Owner. Broker shall inform CAM of any potential deficiencies, including but not limited to those items enumerated in paragraphs 1 and 2 above. The property will not be shown to prospective purchasers until health and safety violations are cured, unless otherwise instructed.
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B. Take interior/exterior photographs upon gaining access to the property. The photographs shall include debris and any personal property left behind. Broker will also take written inventory of any personal items with a witness. This inventory along with photographs will be submitted to CAM. Broker agrees to adhere to any state and local laws governing the storage and removal of any personal items. C. Obtain bids, if it is deemed necessary, to board and secure the premises. Boarding will only be done with CAM approval. D. Notify Utility and any other service companies to initiate service in Broker’s name, (addressing invoice to CAM), within 24 hours of request. E. Submit Monthly Status Reports on CAM Forms to be received by the 10th of each month, for the prior month. Failure to submit status reports in a timely manner may constitute grounds for termination of a listing, and/or jeopardize future referrals. F. Not permit occupancy without CAM’s prior written consent. G. Negotiate with occupants to surrender the premises pursuant to any relocation assistance program which CAM may offer during the listing, if the property is occupied upon assignment, and only after prior written approval by CAM. H. Re-key vacant properties within 48 hours, unless otherwise required by law. I. Keep listed properties in clean and presentable condition during the listing period, (debris removed, lawns mowed, snow removed, etc.), the cost of which is to be approved by CAM. Reimbursement and/or payment of services to be coordinated through Broker. J. Set thermostats at 65 degrees I the winter and 78 degrees in the summer. The Broker shall have a licensed and bonded plumber winterize the property upon CAM bid approval, at least 30 days prior to freezing temperatures. Broker will be responsible for any damage resulting from failure to ensure property winterization is completed. K. Provide invoices to CAM (on CAM Billing Form), received by Broker for approved work immediately upon receipt. The invoices should be signed by Broker signifying work has been completed as billed and the quality of said work is acceptable. Attach invoice to substantiate the expense and any payments made by Broker. Invoices must include the contractor’s tax ID# and property address. Any bill not submitted within 30 days will become the expense of Broker, (this includes final utility bills, which must be received within 30 days of closing). L. Submit a Broker Price Opinion, (BPO), within 10 days of access. The BPO must include:
1. Original and one copy, with an As-Is, repaired and Quick Sale values. 2. 2 sets of interior and exterior photographs, including a concentration of any necessary repairs, mounted on legal sized paper with descriptive labeling. 3. Repair bids when requested on CAM Repair Bid Form, unless other wise stipulated by Owner. One bid is required for repairs under $1,000, 2 bids are required for repairs up to $10,000, and 3 bids for repairs in excess of $10,000. CAM must agree in advance for any fees charged by contractors for bids. Broker will proceed with repairs only when given approval by CAM. The Broker agrees to monitor the work so the same is performed in a workmanlike manner within a reasonable period of time. 4. Broker further agrees to obtain bids only from licensed, insured and bonded contractors. 5. Send photographs before and after repairs are completed. Expenditures for repairs not authorized by CAM will not be reimbursed. 6. Locator map showing subject and comparables used on one page (8½ x 11 or 8½ x 14) 7. Field card. M. In the event of an emergency and after diligent effort by the Broker to reach CAM, the Broker is authorized to take any prudent actions to maintain essential services, to prevent personal injury, loss of life or significant damage to property. Broker agrees to notify CAM within one business day of such actions. N. Present all written offers upon receipt via facsimile on CAM Offer Summary Form. (Entire contracts are not to be faxed). No offer shall be deemed accepted in the absence of writing by CAM and/or the Owner. O. Attach the CAM “As-Is” Addendum to all accepted Sales Contracts. The Broker will reference the attachment in the body of the purchase and sale agreement by adding the following: “See attached addendum, which is incorporated herein by this reference.” III. Offer Acceptance: Broker agrees to inform any prospective Purchaser that the Seller reserves the right to accept or reject any and all offers, to waive any technical or formal defects or any informality in the offers, to recommend the acceptance of an offer other than the highest offer, or to negotiate further with one or more prospective purchasers in its sole and absolute discretion. Sales are not deemed accepted until the Contract of Sale has been duly executed. IV. Commissions: Except as set forth in paragraph I.A., CAM agrees to pay Broker and the co-operating brokerage firm, if applicable, a sales commission for any consummated sale resulting from a written offer. The amount of the commission will be set forth in the Property Referral Form, (less and except the agreed upon referral fee if any), and is payable at the time of closing. The Commission is not deemed payable until the passage of title and purchase price has been paid in full regardless of a default by either party to the contract, unmarketable title or any other reason preventing the closing of the transaction. CAM shall receive at closing a referral fee as set forth on the Property Referral Form. This referral fee is computed as a percentage of the Listing Broker’s commission unless arrangements have been made to the contrary. The obligation for payment of this fee shall survive any transfer of servicing or ownership of the asset and shall be payable to CAM only.
Sales contracts submitted pursuant to an accepted offer shall state that commissions are to be paid only to the Brokers named therein. No payments of commissions will be made which are contrary to local laws. Commissions will only be paid to licensed real estate brokers/agents or licensed attorneys qualified to do business in the state in which the property is located. V. Independent Contractor: CAM HAS ENGAGED THE BROKER, AND/OR ITS AGENTS AS AN INDEPENDENT CONTRACTOR, NOT AS AN EMPLOYEE OF CAM. VI. Representations and Warranties: CAM makes no representations or warranties as to the conditions or habitability of the properties. VII. Correspondence and Communication: All communication and correspondence shall be to CAM only and not to the Owner of record. Any exception, unless approved by CAM, will constitute grounds for termination of this Agreement. VIII. Non-Discrimination: Broker hereby understands and agrees that it is unlawful to discriminate on the basis of race, creed, color, sex, national origin or marital status.
IX. Relationship Identification: Employees, subcontractors, agents, relatives or any affiliated persons of Broker are prohibited from purchasing a property go verned under this agreement, unless CAM has been informed of said relationship prior to negotiating an offer. X. Indemnification: The Broker agrees that it will indemnify, defend and hold CAM, its offers, directors, employees, agents, affiliates and assigns, harmless from all suits, claims, expenses, losses, costs, liabilities and damages (including reasonable attorney’s fees and expenses) alleged, incurred or suffered by CAM arising from, in connection with or as a result of (a) any false or inaccurate representation or warranty made by the Broker in or pursuant to this Agreement, or (b) any default or breach in the performance of any of the covenants or agreements made by the Broker in this Agreement. XI. Entire Agreement: This Master Listing Agreement constitutes the entire contract between the parties, and any prior agreements pertaining hereto, whether oral or written, have been merged and integrated into this Agreement, provided, however, that nothing contained herein shall prohibit Broker or CAM, on behalf of Owner, from entering into additional agreements for the performance of services not covered by this Agreement. XII. Terms and Cancellation: This Master Listing Agreement shall commence on the date hereof and shall terminate as to any listed property or all properties, with or without cause, five (5) days after written notice of cancellation is given by either party to the other party.
XIII. Notices: Any notice required or permitted to be given pursuant to this Agreement shall be deemed given upon the earlier to occur of the following: (a) actual delivery of such notice to the intended recipient thereof, or (b) three (3) after deposit of such notice in a postal receptacle under the custody and control of the U.S. Postal Service, first class postage prepaid, specifying delivery by certified mail, return receipt requested, properly addressed to the intended recipient thereof at the address set forth at the end of this Agreement. XIV. Governing Law: This Agreement is made under the laws of the State of Missouri and any disputes arising hereunder this Agreement shall be governed by the laws of the State of Missouri.
Executed this
day of
, 20
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AGENT COMPANY NAME:
By: ________________________________________ (It’s duly authorized agent)
Printed Name Address:
Date Phone Number:
CORPORATE ASSET MANAGEMENT, L.L.C. 2606 Woodson Road Overland, Missouri 63114 (314) 426-5800
By: __________________________________ , Asset Manager
Date: